The terms “Market Research” and “Marketing Research” are often used interchangeably but they are different from each other. To understand the difference, we need to know the 4Ps of marketing, also known as the product mix.
The 4Ps of marketing are:
- Product – A product can either be goods or services offered.
- Place – The market where the product is sold or service is offered is called a place.
- Price – The price of the product determines the amount the customers are willing to pay for the product
- Promotion – Promotion is the method of communication about the product.
Marketing is about identifying the optimal product mix and delivering the right message about the right product, at the right price, at the right place, at the right time, and to the right person.
Market Research deals with only one P of Marketing i.e., Place. It means the study of the target market to collect data about the marketplace, its consumers and the requirement of the product to be offered in the marketplace. The market research process is stated below:
- The first step is to identify the issues faced in the marketplace.
- The second step is to decide whether to allocate the research work to the in-house team or an external team.
- Then appropriate market research techniques are identified to conduct the market research.
- It is followed by gathering data from different sources as per the market research technique.
- The data is then organized, interpreted, and analyzed.
- Basis the results, the research team prepares a report and states the findings.
Marketing Research deals with all the 4Ps of Marketing. It is much broader than market research and covers areas not covered by market research. Marketing research covers the process from conception to branding. So, market research is a subset of marketing research.
Areas covered in Marketing research:
- Conduct research and development of new products
- Identification of customers, their needs, and understanding their buying behavior
- Developing pricing strategy
- Identifying appropriate Sales and Distribution methods
- Advertising and Public relations
Marketing research process is stated below:
- The first step is to identify the issues faced in the marketplace, discuss alternatives, and set out research objectives
- Then a research program is developed.
- It is followed by gathering data from different sources as per the market research technique.
- The data is then organized, interpreted, and analyzed.
- Basis the results, a report is prepared and the findings are presented.
- Then a decision is made based on the research.
The differences between market research and marketing research are presented below:
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Market research |
Marketing research |
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It means the study of the marketplace and the buyer’s behavior within that market. |
It means the systematic study of all aspects of a business’s marketing. |
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The scope of research is limited as it studies the only market and consumer behavior. |
The scope of research is wide as it studies the entire marketing process. |
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The nature of research is specific. The research gives insights into a particular market. |
The nature of research is generic. The research can be used for solving various marketing problems and issues. |
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The purpose of the research is to find the viability of a product or service in the target market. |
The purpose of the research is to inform decision-making about all marketing activities. |
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It is dependent upon the requirements of marketing research. |
It is independent and developed by the business for the business. |
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It is a subset of Marketing research. |
It is a subset of the business’s marketing information system. |
Although marketing research and market research are different, they still have some similarities. The similarities are stated below:
- They are crucial for a business’s success.
- They include research projects and as such produce valuable data.
- They use quantitative and qualitative tools and techniques such as surveys, focus groups, questionnaires, and interviews to gather information.
- They are effective for decisions- making regarding products and services offered to customers, suitable marketplace, the best advertising technique, and the most efficient distribution channels and networks.
The Bottomline
Maction can help take your business to the next stage of growth. Through proven practices of market research and cutting-edge technology, we are known to bring you fresh insights and perspectives that will change the way you look at your business. Book a call today and see what a market research strategy can do for your business.
